The charter of Holly Corporation authorizes the issuance of $800$ shares of preferred stock and $1,000$ shares of common stock. During a two$-$month period, Holly completed these stock$-$issuance transactions:

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Read the requirements.

Requirement $1.$ Record the transactions in the general joumal. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Mar. $23$: Issued $200$ shares of $$3$ par value common stock for cash of $$17$ per share.

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Mar$.23,,,],[,,,]]$

More info

Mar. $23$ Issued $200$ shares of $$3$ par value common stock for cash of $$17$ per share.

Apr. $12$ Received inventory with a market value of $$29,000$ and equipment with a market value of $$18,000$ for $300$ shares of the $$3$ par value common stock.

Apr. $17$ Issued $800$ shares of $7\%,$$$50$ par value preferred stock for $$50$ per share.

Requirements

Record the transactions in the general journal.

Prepare the stockholders' equity section of the Holly balance sheet as of April $30,2024,$ for the transactions given in this exercise. Retained Earnings has a balance of $$70,000$ at April $30,2024.$